Cvent, a meetings, events, and hospitality technology provider, has published the latest installment of its ‘Cvent Planner Sourcing Report: Europe Edition October 2023‘.
The report provides the business events industry, including event organisers, hoteliers, venue operators and destination management organisations, with insights into planner trends as well as advice on how to meet evolving industry demands and overcome ongoing market fluctuations.
The report reveals that over half (67%) of planners across Europe have had bigger budgets for their in-person and hybrid events in 2023 compared to 2022. Additionally, more than one in five (22%) expect event budgets to be at least 20% higher in 2024.
Despite these budget increases, inflation remains the top concern for 38% of planners, and a significant majority (77%) anticipate that the cost of holding an event of the same size and complexity will increase by up to a fifth in 2024, compared to 2023. This concern is highest in Germany, where 84% think that event costs will rise by up to 20% in the next 12 months. To address these concerns, most planners (85%) have built contingencies into their 2024 budgets.
Other highlights of the report include:
Event opportunities in 2023 and strong start in 2024
- Nearly two-thirds (63%) of planners are still actively sourcing for in-person events in 2023.
- More than half (64%) of planners are currently sourcing for in-person events in 2024, with 43% aiming to hold them in the first half of the year.
Staffing shortages and RFPs
- Venue and hotel staffing shortages continue to impact the sourcing process. 30% of respondents highlighted slow RFP response times, new or inexperienced hotel staff, and fewer available amenities. Poor attendee experiences (25%), a shortage of hotel rooms (24%) and loss of supplier/vendor relationships (20%) are also cited as top planner challenges.
- Planners believe there are several ways that venue teams can help them streamline their sourcing decisions. These include flexibility on terms (32%), customised proposals (31%) and more transparent RFP processes (28%).
Sustainability
- 32% of event planners across Europe (increasing to 40% in the UK) want sustainability information as part of the sourcing process. This includes: energy consumption (45%); food provenance (35%); carbon-neutrality (34%); water consumption and waste recycling policy (33%) and accreditation/certification (28%).
Graham Pope (pictured), VP of International Sales, Cvent, said: “The findings in this latest report, particularly the rise in budgets, clearly demonstrates continued resilience in the market and a desire to forge ahead with in-person event plans despite external macro-economic factors.”
